Japan's megabanks to lead experiment with digital yen

pubblicato su by Cointele | pubblicato su

We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.

In total, the hackers stole $18.3 million, which admittedly, is not that much - less than the single October exploit of Harvest Finance.

Obviously, bounties won't suddenly turn blackhat hackers into upstanding citizens, but it may change the life of some poor kid who does this for a living and decides to scan your protocol for his lottery ticket.

They'd be more than happy to receive $100,000 and have a clean conscience while saving you millions of dollars down the line.

Their intended usage is to arbitrage various assets across protocols - buy low on Uniswap, sell high on SushiSwap, all without committing your own capital.

Hackers may not be that wealthy in general, but it's actually better for the ecosystem to weed out weak implementations and protocols before it grows to accommodate a billion-dollar hack.

Uniswap, at one point the largest protocol by total value locked with $3 billion, predictably lost more than half of it just as soon as it stopped printing UNI rewards for its Ether pools.

The latter two seem to be having modest results, adding maybe $10 million each so far.

As a heads-up, any time a DeFi protocol's token can be staked to receive more of the same tokens, that's a very clear Ponzi-like dynamic.

Some people have high hopes for DeFi governance to reshape societies just because it's "Decentralized." I hope that will be the case, but so far I'm just seeing your run-of-the-mill politics, complete with vested interests, propaganda and deflection.